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Presentation on theme: "Chapter 23 Roosevelt and the New Deal"— Presentation transcript:

3 Roosevelt Takes OfficeHerbert Hoover ran for a second term in 1932.The Democrats selected New York Governor, Franklin Delano Roosevelt.

4 Roosevelt is InauguratedUnemployment ctd. to rise, bank runs increased, and people converted their money into gold.Many governors declared bank holidays, which closed the remaining banks before bank runs could put them out of business.

5 The Hundred Days BeginsMarch 9 – June 16, 1933 – Hundred DaysCongress passed 15 major acts to help the economic crisis.These programs made up the First New Deal.

6 A Divided AdministrationAdvisors divided into 3 main groups1)Supporters of “New Nationalism” – gov’t & business should work together to manage the economy.2)Distrusted big business & wanted gov’t to run key parts of the economy.3)Supported “New Freedom” – felt it was gov’t responsibility to restore competition to the economy.

7 Fixing the Banks & Stock MarketHe called a national bank holiday, and called Congress into special session.Passed the Emergency Banking Relief Act, which required federal examiners to survey the nation’s banks and issue Treasury Department licenses to financially sound banks.

8 “Fireside Chat”Roosevelt spoke directly to the people, in his “fireside chat,” assuring the Americans that the banks were secure.The following day deposits in every city outweighed withdrawals, ending the banking crisis.

14 National Industrial Recovery Act (NIRA)Suspended antitrust laws and allowed business, labor, and gov’t to cooperate in setting up voluntary rules, known as codes of fair competition, for each industry.

15 National Recovery Administration (NRA)Ran the NIRA.Controlled industrial production and prices with industry-created codes of fair competition.Declared unconstitutional in 1935.

16 Home Owners’ Loan Corporation (HOLC)Bought mortgages of homeowners behind on payments and restructured them with longer terms of repayment and lower interest rates.